MAINSTAY DRM LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the y8ar ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their acco(Jnts in accordance wilh the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 20191. Objectives and activities The main objeclives of the charity are.. The provision of accommodation for clients with learning disabilities andlor autism. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The trustees are confident that the charilable aims of Mainstay DRM Lld satisfy the principles of public benefit as defined in the Charities Act. They have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning ils fulure activities. How the charity activities deliver public benefit The charitsble activities focus on meeting the needs of vulnerable people, with learning disabilities, and are undertaken to further the charitable purposes for the public benefit. Learning disabilities are found in people of all ages. regions, countries and societies. Equal access to services is an important iSSLAe. Mainstay DRM Ltd has an equal opportunity policy and diversity statement. which ensures that it has a culture, which is reinforced via a robusl training program. which ensures equality of access lo its ServIS by gender, disability and sexual orientation. The trustees believe equal access lo its services is vital lo its success, and that successful outcomes must be shared by all communities that use its services. Mainstay DRM Ltd was established to.. provide and rnainlain to a high standard accommodation for use by clients with learning disabilities andlor autism in residential, supported housing, respite and day opportunities settings. This facilitates the charitable aims of the organisation. Mainstay DRM leases its assets to Mainstay DRP and the use of the funds arising from the property leasing being used in furtherance of the company's charitable objectives. The Cumulus Heights facility features two residential homes, supported housing accommodation, a day opportunities service and a training and administrative centre. It provides a modern facility providing valuable services for people wth a leaming disability and their families in the heart of the community. Achievements and performance As part of its charitable activities, Mainstay DRM made a donation to the Downpatrick Asda Tickled Pink charity which is working to reduce the impact of breast cancer on the lives of all people in the UK. Tickled Pink works in partnership with charities,. Breast Cancer Now and Coppa feel. Funds were raised through a Colour Run which involved over 40 clients together with slaff.
MAINSTAY DRM LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review The results for Ihe year are sel out in detail on pages 11 to 24. The Charity had net incoming resources for the year of £68,83512023= £55,869). At the year end cash at bank and in hand was £466,139 (2023.. £368,421). Al 31 March 2024. the total funds of the charity amounted to £3,394,61312023.' £3.325,7781 comprising restricted funds of £10,000 and unrestricted funds of £3,384,613. Funds totalling £18,965 {2023'. £18,965} have been designated by the trustees for specific purposes. which are explained in more detail in note 20. Unrestricted funds are considered to be essential to support Ihe work of the charity in providing accomrnodation and care and support to people who have a leaming disability and their families. Unrestricted funds are also essential to provide sufficienl funds lo cover any unforeseen costs which may arise and fulfil the legal obligations of the charity in the event that current levels of income ar8 not maintained. Reserves policy The organisation has a reserves policy which ensures il has unrestricted funds (cash reseNes) not committed or invested in fixed assets to provide for 3 months operating expenditure. The charity held free reserves of £351,422 at the year end. Principal funding sources The principal funding came by way of rental income from NIHE and from Mainstsy DRP and various public donations. Investment policy Under the Memorandum and Articles of Association. the charity has the power to invest in any way the trustees wish, however in formulating an investment policy, the charity has recognised that whilst il may have SUTplus funds to invest. these may be called upon in the short term. The committee have therefore been prudent in ils investment strategy ensuring cash is not tied up in long term or non-secure deposits. The policy is to maximise retums whilst ensuring ongoing liquidity- Plans for future periods The charity is committed to the continued provision of suitable facilities for people with a learning disability and their families subject to suitable funding arrangements. These facilities are critical for many local families who urgently need support, care and assistance. structure. governance and management The charity is a company limited by guarantee incorporated on 22 March 2007 and registered a5 a charity on 20 February 2008. The company was established under a Memorandum of Association which e5tabli5hed the objects and powers of the charitable company and is governed under its Articles of Association. In the evenl of the company being wound up members are required to contribule an amount not exceeding £1. The trustees, who are also the directors for the purpose of company law, and who served during the year and up io the dale of signature of the financial statements were.. Mr J E Gorman Dr P Moore Mrs A Kerr Ms M Mccargo Mr P Todd Mr N Farrell Miss J E M Caven Ms J Hynds Mrs R Gorman {Resigned 13 July 20231 {Appoinled 24 April 2024) {Appointed 16 February 20241 {Appointed 28 October 2024) {Appointed 28 October 2024) {Appointed 28 October 2024) {Appointed 28 October 2024)
MAINSTAY DRM LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recruitment and appointment of trustees At the first annual general meeting all the directors shall retire from office and at every subsequent annual general meeting one director who is subject to retirement by rotation shall retire. The subscribers to the Memorandum and Articles of Association of the cornpany and such other persons are admitted to membership in accordance with the articles shall be members of the Company. No person shall be admitted a member of the Company unless approved by the directors. The day to day running of the charity is overseen by the charity committee, which includes the charity trustees. Training of new trustees New Trustees and members are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and financial performance of the charity. They also meet other trustees and members and are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Statement of trustees. responsibilities The trustees, who are also the directors of Mainstay DRM Ltd for the purpose of company law, are responsible for preparing the Trustees, Report and the financial stslements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expendilure. of the charitable company for that year. In preparing these financial statements. the trustees are required to.. select suitable accounting policies and then apply them consistently. observe Ihe methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subjert to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Gharity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the company's articles. a resolution proposing that GMCG BELFAST be reappointed as auditor of the company will be pul at a General Meeting.
MAINSTAY DRM LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Dlsclogur• of infonnatlon to auditor Each of the tru$tees has confimied Ihal there is no information of which they are aware which is relevant to the audit, bul of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such ielevanl informalion and to establish that Ihe audilor 15 aware of such Information. The trustees, report was approved by Ihe Board of Trustees. Or P Moore Trustoe Dale= ..